In the crypto space, the currency worth looking at it is Ripple, all that FUD is fading really fast as the price of Ripple’s XRP has dropped nearly 14% in just two days. This is despite the fact that Ripple launched its xRapid services, allowing its currency XRP to carry out the international transactions. Ripple certainly brought a number of big stars at its conference in San Francisco where Former President Bill Clinton was a keynote speaker.
Barack Obama’s economic advisor was also at the conference and this is a huge message which Ripple tried to send out to his community about its reach and to the regulators. The U.S. must get its act together to make the regulatory environment friendlier, a key reason why we have seen so much sell off in the cryptomarket. An adequate control is an answer when it comes to regulation and without that, the U.S. is risking losing its crown jewel- its innovators.
In terms of technical analysis, the price is trading below the 50-day moving average (shown in yellow) on a 4-hour time frame. This confirms that the bulls have lost some control of the price. However, bears still need to keep the downward momentum going to have odds stacked up on their side. This is because the price of XRP is still trading above the 100-day moving average.
The price has also broken its upward channel which is another bearish signal but this bearish signal should be taken with a caution because the RSI is reaching near a critical level of oversold which usually triggers big buy orders.
